Condo insurance is recommended for anyone who owns a condo. The building’s Condo/Co-op Association should have a policy for the building. But that policy doesn’t cover damage to your personal belongings or property. Condo insurance helps you get the coverage that you need.
In most cases, the condo’s main policy also won’t cover any additions or alterations that you make. Examples include wall fixtures, wall coverings, floors, and carpeting.
You may incur a loss assessment expense for damage or liability claims that exceed the condo’s main policy’s limits. So if your unit needs a repair that the condo’s main policy covers, but there isn’t enough coverage, than you’ll have to pay a loss assessment fee.
Renters insurance is similar to condo insurance. But it’s coverage for people who rent an apartment or house. The coverage protects your personal property and provides personal liability. The policy covers damage caused by incidents such as fire, vandalism, and theft.
The policy covers items such as furniture, clothing, and appliances. Like with condo insurance, renters insurance also includes additional living expenses and personal liability coverage. You might also need to buy additional coverage for valuable items such as jewelry and collectibles.
Speak with a knowledgeable insurer to learn more about your options. Petschauer insurance professionals are ready to answer your insurance questions. Contact us today for the help you need.